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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in investment fraud
Pat McConnell
Justice Steven J. Rares was blunt when he handed down his judgement in the long-running class action, Wingecarribee Shire Council vs. Lehman Brothers Australia, last week. Grange Securities, a subsidiary of Lehman Brothers, had engaged in “misleading and deceptive behaviour” in promoting sub-prime derivatives…Author Pat McConnell Honorary Fellow, Macquarie University Applied Finance Centre at Macquarie University Disclosure Statement Pat McConnell does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations. The Conversation provides independent analysis and commentary from academics and researchers. We are funded by CSIRO, Melbourne, Monash, RMIT, UTS, UWA, Canberra, CDU, Deakin, Flinders, Griffith, La Trobe, Murdoch, QUT, Swinburne, UniSA, UTAS, UWS and VU. Articles by This Author 18 September 2012 Protecting taxpayers from systemic risk should be at the heart of APRA changes 13 September 2012 Debunking the myth of...
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  • doyla66
    doyla66 says #
    Do financial planners need more education about financial products and/or is there a requirement for them to have continuing profe
  • doyla66
    doyla66 says #
    Judge Rakoff: "regulator's policy of settling by allowing[banks]to neither admit nor deny allegations “did not satisfy the law”. H
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Conflicts of interest over fees and charges lie at the heart of an ASIC inquiry, writes Ruth Williams. Date May 1, 2012  They are a crucial links in the chain of financial advice by wielding enormous influence over the products that retail investors sink their money into. Now research houses face a huge regulatory shake-up. After a string of collapses of retail investor-targeted companies that were rated highly by research houses - including Timbercorp, Westpoint, Basis Capital and Trio Capital - the Australian Securities and Investments Commission is pushing to make the sector more transparent and accountable.   (Ed:  Really?  Like pushing a pram with a gentle nudge that takes seven years?) It is a move that has been welcomed by most people in the research industry. However, it comes as one player, Standard & Poor's, is preparing to close its funds research operation, and as some of its rivals warn that...
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Has anyone tried to use the new ASIC connect website searches?  As part of my research for bank submissions and other related criminal activities - theirs, not mine - I've been very disappointed with the much touted ASIC connect.  While the old ASIC site was complex and labyrinthine, at least the information was there with relative ease and accuracy, once you had bookmarked the sites you needed for future reference.  A search for one company, which I understood had closed, alternated between no such company and having the company appear as usual. I was unable to determine what the status of the company was, beyond "registered". How long does it take for a company to move into administration? I have a bone to pick with the company over misleading and deceptive conduct leading to fraudulent losses in excess of half a million dollars. ASIC don't think that's worth investigating. I certainly...
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I've just received a letter from ASIC. They have had my complaint about a possibly fraudulent investment involving deceptive and misleading conduct by the fund manager, lack of fiduciary duty and breach of contract issues since October 2011. On learning that my investment had been "lost" after everything I'd done to get it back, I put in another related complaint recently and that has prompted a reply. What I did this time was ask them to let me know asap or within 28 days what breaches of law etc they could find in my complaint. I also sent an email to one of the addresses that came back on the read receipt requesting copies of the two letters I received from their officer, who I named from memory. She was the last person to contact me in December 2011. She was also the person who got me an answer after all...
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  • doyla66
    doyla66 says #
    Good to know
  • doyla66
    doyla66 says #
    That exact same question went through my mind. It sounds a little like they're doing less and less these days, now they're taken o
  • doyla66
    doyla66 says #
    Is it to simply "administer" licensing? Or, to publish brochures? I find their role is designed to be deliberately ambiguous. Soun
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